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Macro Chapter 5

TermDefinition
price controls an attempt to set prices through government involvement in the market (page 166)
price ceiling a legally established maximum price for a good or service (page 166)
black markets illegal markets that arise when price controls are in place (page 167)
rent control a price ceiling that applies to the market for apartment rentals (page 172)
price gouging laws temporary ceilings on the prices that sellers can charge during times of emergency (page 174)
price floor a legally established minimum price for a good or service (page 176)
minimum wage the lowest hourly wage rate that firms may legally pay their workers (page 202)
Created by: v.virgil
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